NASDAQ's proposal

Discussion in 'Wall St. News' started by qlai, Nov 30, 2019.

  1. schizo

    schizo

    Bad idea. This is Nasdaq's way of scavenging off the latest "FREE COMMISSION" craze. Don't fall for their ruse.

    That's the most ignorant comment I've heard. These "active" daytraders aren't harming anyone other than adding liquidity (well unless you're talking about predatory HFTs).
     
    #11     Dec 1, 2019
  2. qlai

    qlai

    I think you misunderstood me. Currently, an active day trader trading thousands of shares per day is considered non-pro. However, average Joe trader doing a couple of trades a week through his business is treated as professional. That is not fair. You are either professional trader or not. I never said day traders are harmful.
     
    #12     Dec 1, 2019
  3. IAS_LLC

    IAS_LLC

    Why distinguish between pro and non pro at all for data? I understand distributing data has costs and thus requires fees....but a company that is essentially a utility due to government imposed regulations that kill competition shouldn't have pricing impunity.

    Can you imagine if your local electrical power company charged you to see how much they're charging for the electricity?
     
    #13     Dec 1, 2019
  4. schizo

    schizo

    I believe it's worth defining what the term "professional trader" means. According to Interactive Brokers*, a professional is a person who meets any of the following criteria:
    • Is registered or qualified with: the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association.
    • Is engaged as an "investment advisor" as that term is defined in Section 201(11) of the Investment Advisor's Act of 1940 (whether or not registered or qualified under that Act).
    • Is employed by a bank or another organization that is exempt from registration under Federal and/or state securities laws to perform functions that would require him or her to be so registered or qualified if he or she were to perform such functions for an organization not so exempt.

    Just because you are trading through your business does not automatically define you as a "professional".

    * https://www.interactivebrokers.com/en/index.php?f=718
     
    #14     Dec 1, 2019
    Eikfe likes this.
  5. qlai

    qlai

    @schizo, you Futures guys are lucky not to worry about market data :)
     
    #15     Dec 1, 2019